Industrial Solvents Market size was over USD 23.5 billion in 2017 and industry expects consumption at over 28 million tons by 2024.
U.S. Oxygenated Solvents Market Size, By Application, 2017 & 2024, (Kilo Tons)
Increasing demand for paints & coatings, printing inks and cosmetics products should boost industrial solvents market size. They have increased usage in pharmaceutical sector as these products are formulated to attain specific properties of getting dissolved in various medicinal drugs, thereby stimulating product demand.
Global paints & coatings market size was projected at over USD 150 billion in 2017 and is projected to grow at a significant rate in the foreseeable timeframe. In paints, products dissolve or disperse different components which are utilized in paint formulation. Aliphatic and aromatic hydrocarbon diluents including n-heptane, benzene, xylene and toluene are widely used in paint formulation owing to their faster drying properties which produces less odor than other mineral spirits, thereby increasing industrial solvents market demand.
Rising demand for various cosmetics products is anticipated to boost industrial solvents market growth over the forecast timeframe. Global beauty & cosmetics market was valued at over USD 445 billion in 2017. In cosmetics segment, they are utilized for skincare products as are gentle in nature which act as a soothing agent for all skin types. Isopropyl alcohols have enhanced usage in cosmetic segments such as cleansers & toners and as they are derived from fermentation of sugar, starch and other carbohydrates mitigates the risk of skin allergies, thereby fueling industrial solvents market demand.
Global adhesive & sealants market was estimated at over USD 50 billion in 2017. Industrial solvents are added to adhesives as they evaporate rapidly and thus enhances the viscosity of adhesives films, thereby boosting product demand in automotive sector. These products initiate high bonding, short fixing time and provide good adhesion properties, thereby driving the industry growth.
Green solvents are used in adherence to control environmental pollution and creates consumer awareness for minimizing the usage of synthetic products. Increasing adoption of eco-friendly UV preserved inks along with rise in R&D spending by manufacturers, may favor bio-based industrial solvents market demand.
Strict regulatory norms in the U.S. regarding synthetic products has led to implementation of Montreal Protocol on substance that deplete ozone layer under the terms of clean air act. Its amendments stipulate to the permissible conditions for the usage of fluorocarbons and other ozone depleting substances, which may hamper the price trend of synthetic solvents and challenge industrial profitability.
Industrial Solvents Market, By Product
Oxygenated industrial solvents market demand may surpass USD 20 billion by 2024. These are organic products which contain molecules of oxygen and are widely applied in paints, inks, pharmaceutical and cosmetic industries. These products have increased usage in coatings application as they carry the solid component of paint and maintains a consistency for application by brush, roller or spray. Toluene is used in paint formulation owing to its dismal and water-insoluble properties. These are also applied in paint thinners, printing ink and lacquers, thereby driving product demand.
Methyl soyate based green solvents market size may register significant gains at over 5.5% during the forecast timespan. It is low cost biodegradable alternative which can replace 230 kilo tons of traditional chlorinated and petroleum products. Methyl soyate is used to clean up and recover spilled petroleum products from coastlines and streams owing to which it acts as an alternative to chemical laden cleaners, thereby stimulating industrial solvents demand.
Aliphatic industrial solvents market size may surpass USD 300 million during the forecast period. The products are used widely in paints & coatings industry as it speeds up drying time and act as strong binders and extenders in paint formulation. Hydrocarbon products from cleaning & degreasing application may register growth at over 2% by the end of forecast timeframe owing to its high solvency property. These products are used for many hard to clean synthetic products which includes heavy oil and grease as they have low liquid surface tension which allows them to penetrate and clean up small spaces, thus boosting the market demand.
Industrial Solvents Market, By Region
North America, driven by the U.S. industrial solvents market size may register significant growth at over 2.5% up to 2024. Rise in disposable income and spending on cosmetic products will propel the industry growth in the region. These are applied in various products including creams, sunscreen, lotions and ointments owing to their soothing effect and improves structural properties of skin, thus driving regional industry growth.
Europe driven by UK, France, and Germany green industrial solvents market demand may surpass USD 1.5 billion by 2024. Bio-glycols are widely used in cosmetic products as they attract water and function as humectant. It is found in various creams and moisturizers as it enhances the appearance of the skin by reducing flaking and restore suppleness. The product also serves various functions like it act as a viscosity decreasing agent, which may enhance product demand over the forecast timeframe.
Asia Pacific industrial solvents market size led by China, India and Japan is likely to register significant gains at over 3.5% by the projected timeframe. Increasing sales in passenger car segment may enhance the automotive paint market, will enhance industrial solvents market demand in the region as these products facilitates high evaporation rate and can withstand salt, water and dust pollution.
Competitive Market Share
Global industrial solvents market share is fragmented with companies such as Shell, BASF, Arkema, Honeywell and Total. The companies are engaged in merger & acquisition to enhance their production and expand their presence globally. Moreover, various manufacturers are focusing to produce new products to enhance the overall market growth.
Industrial Solvents Market Industry Background
Industrial solvents are the substance which are used to dissolve oil and in formulation of various solutions and process. They have added value in paints & coatings, cosmetics, adhesive and lubricants due to their high solvency rate. Green solvents are produced from natural resources like sugarcane and vegetable oils and its high adoption rate is one of the key drivers among end user which increases the demand of bio-based paints, printing inks and coatings. It offers wide application in printing inks and paint formulation owing to their high diluent properties. They possess excellent properties such as restoring the skin structure when applied in skin care products, which offers growth prospects in the industrial solvents market.